Britain should cut the ballooning benefits bill rather than hit banks with higher taxes, according to the International Monetary Fund.
John Healey is facing a mounting backlash over plans to clobber lenders in the Budget while at the same time hailing them as ‘the jewel in the crown of the British economy’.
The Chancellor looks set to hike the surcharge banks pay on top of standard corporation tax from 3 per cent to as high as 8 per cent in the Budget this month – raising as much as £2billion.
But industry chiefs warned the move would push up interest rates on mortgages
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